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Shareholder class action targets Fletcher Building for ‘misleading’ FY17 forecasts
Alexander Edwards 2023-03-14 5:04 pm By Christine Caulfield

Shareholders have brought a class action in Australia against New Zealand-based Fletcher Building, alleging the company failed to disclose material information relating to its construction division.

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Class action firm’s potential profit from Arrium case not relevant to security sum: judge
Accounting 2023-03-10 3:10 pm By Sam Matthews Melbourne

A judge overseeing a security dispute in a shareholder class action against KPMG and former directors of Arrium has found that potential profits to the plaintiff law firm running the case under a group costs order is not relevant to determining the quantum of security for costs.

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S&P fights ‘significant’ expansion of class action over CDO ratings
Ashurst 2023-03-01 10:28 pm By Sam Matthews Melbourne

S&P Global is fighting bids to expand a class action alleging systemic defects in its ratings systems to a new type of complex financial product and to include allegations from a US Department of Justice case in a separate suit by two Cayman Islands-based companies.

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ASIC takes Noumi, top executives to court over 2019 financial reports
ASIC 2023-02-27 8:44 am By Christine Caulfield

The corporate watchdog has brought action against former Freedom Foods Group and its former CEO and CFO for alleged disclosure breaches relating to inventory values in its 2019 financial reports.

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Slew of insurers targeted in Virgin bond holders class action
Class Actions 2023-02-24 4:51 pm By Cat Fredenburgh

A class action accusing Virgin Australia of failing to disclose its true financial position in a 2019 prospectus for a $324 million capital raising is seeking to join a slew of the airline’s insurers to the case.

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Appeals court asked to decide if GCO can ‘travel’ in Arrium class action
Banton Group 2023-02-22 2:10 pm By Cindy Cameronne Sydney

A judge has referred to an appeals court the question of whether a group costs order can “travel”, as KPMG continues to push to transfer a shareholder class action over the collapse of mining company Arrium to New South Wales.

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GetSwift hit with $15M penalty in ASIC action over misleading announcements
ASIC 2023-02-16 3:39 pm By Sam Matthews Melbourne

GetSwift has been hit with a $15M penalty and several of its directors have been slapped with substantial penalties after the company was found to have misled shareholders in breach of the Corporations Act.

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Novel ‘solicitors’ CFO to be sought in Blue Sky class actions
Arnold Bloch Leibler 2023-02-14 5:34 pm By Sam Matthews Melbourne

The applicants in a consolidated investor class action against Blue Sky Alternative Investments and auditor EY will be applying for a so-called solicitors common fund order, and will move to transfer the case to the contingency-fee friendly Victoria Supreme Court if the groundbreaking application fails.

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KPMG class action applicants might bring CFO question to a head
Banton Group 2023-02-14 4:54 pm By Christine Caulfield

The applicants in a shareholder class action against KPMG and former directors of defunct mining company CuDeco might press for clarity on the question of common fund orders in light of a ruling Tuesday morning that further split the Federal Court on the issue.

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Law firms pounce on Star Entertainment as fourth class action filed
Class Actions 2023-02-07 12:17 pm By Cindy Cameronne Sydney

A four-way fight to lead a shareholder class action against Star Entertainment could be on the cards after a fourth law firm filed a representative proceeding alleging the company’s share price plummeted following revelations of alleged money-laundering breaches.

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